Coastal Financial (NASDAQ:CCB) Stock Price Up 8.3% – Time to Buy?

Coastal Financial Co. (NASDAQ:CCB)’s stock price rose 8.3% during mid-day trading on Thursday . The stock traded as high as $91.96 and last traded at $93.56. Approximately 25,738 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 83,740 shares. The stock had previously closed at $86.41.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Raymond James reaffirmed a “strong-buy” rating and issued a $100.00 price target (up from $88.00) on shares of Coastal Financial in a research report on Wednesday, January 29th. Keefe, Bruyette & Woods upped their price target on Coastal Financial from $96.00 to $114.00 and gave the company an “outperform” rating in a report on Tuesday, March 4th. Finally, Stephens reaffirmed an “overweight” rating and issued a $100.00 target price on shares of Coastal Financial in a research report on Tuesday, March 18th.

Coastal Financial Stock Performance

The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a 50 day moving average price of $88.10 and a two-hundred day moving average price of $75.64. The company has a market capitalization of $1.36 billion, a P/E ratio of 27.81 and a beta of 1.21.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $0.94 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.09). Coastal Financial had a net margin of 6.43% and a return on equity of 14.98%. On average, research analysts expect that Coastal Financial Co. will post 4.59 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Coastal Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. grew its holdings in shares of Coastal Financial by 47.2% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,322,325 shares of the company’s stock worth $112,279,000 after purchasing an additional 423,864 shares during the last quarter. Vanguard Group Inc. grew its holdings in Coastal Financial by 11.4% during the 4th quarter. Vanguard Group Inc. now owns 685,385 shares of the company’s stock worth $58,196,000 after acquiring an additional 70,272 shares during the last quarter. Wellington Management Group LLP grew its holdings in Coastal Financial by 1,067.9% during the 4th quarter. Wellington Management Group LLP now owns 456,887 shares of the company’s stock worth $38,794,000 after acquiring an additional 417,767 shares during the last quarter. Azora Capital LP bought a new position in shares of Coastal Financial in the fourth quarter worth about $33,794,000. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Coastal Financial by 9.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 385,433 shares of the company’s stock worth $32,727,000 after purchasing an additional 33,980 shares in the last quarter. 59.24% of the stock is currently owned by institutional investors and hedge funds.

Coastal Financial Company Profile

Coastal Financial Corporation operates as the bank holding company for Coastal Community Bank that provides various banking products and services to small and medium-sized businesses, professionals, and individuals in the Puget Sound region in Washington. It accepts a range of deposit products, including demand and savings accounts, time deposits, and money market accounts.